The ASX 200 continues to rise, with continued investor confidence. The post ASX 200 jumps, Worley rises, Cimic up appeared first on The Motley Fool Australia.
Green light for first new hydroelectricity plant in almost 40 years
A former Queensland gold mining region is set to boost Australia’s first significant hydroelectricity plant in 37 years.
Australian Renewable Energy Agency (ARENA) has given conditional approval for $47 million in funding for the pumped hydro energy storage (PHES) project at Kidston, a former gold mining community around 200km north of Hughenden in central Queensland.
This project gives the disused open-cut mining ponds a new lease of life. Water will flow from an upper reservoir down a slope and through a turbine to generate electricity before reaching the bottom pool. During times of low demand, renewable energy will pump the water back to the top reservoir.